Ciox, Everi, Visual, TK, Mad Engine, Technimark, Aveanna, Joann, Victoria’s and more break

By Sara Rosenberg

New York, June 30 – Ciox Health (CT Technologies Intermediate Holdings Inc.) firmed pricing on its first-lien term loan at the low end of talk, Everi Holdings Inc. cut the spread on its first-lien term loan and changed the original issue discount, and Visual Comfort & Co. (Illuminate Merger Sub Corp.) moved some funds between its first-and second-lien term loans and trimmed pricing, and then these deals broke for trading on Wednesday.

Also, before freeing to trade, TK Elevator upsized its add-on term loan, disclosed the split of U.S. and euro debt and updated pricing on its euro term loan, Mad Engine Global LLC raised the size of its first-lien term loan, set the issue price at the middle of talk and revised documentation, and Technimark LLC firmed the spread on its first-lien term loan at the high end of talk and tightened the original issue discount.

In addition, Aveanna Healthcare LLC finalized pricing on its term loans at the low side of guidance and modified the original issue discount, Joann Inc. raised the size of its term loan B and firmed the spread and issue price at the tight side of talk, Victoria’s Secret downsized its term loan B and set pricing at the high end of guidance, and Padagis LLC made some revisions to documentation for its term loan B, and these deals began trading during the session as well.

Other deals to make their way into the secondary market included HDT Global and Royal Oak Enterprises (Ozark Holdings LLC).

In more news, Shutterfly LLC increased the size of its term loan, United Talent Agency set pricing on its term loan B at the high end of guidance and revised original issue discount talk, Lucky Bucks released price talk on its first-lien term loan with launch, and Yahoo (Verizon Media) joined the near-term primary calendar.

Ciox updated, frees

Ciox Health set pricing on its $670 million covenant-lite first-lien term loan (B3/B) due December 2025 at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

The 0.75% Libor floor, par issue price and 101 soft call protection for six months on the term loan were unchanged.

In the morning, the term loan began trading, with levels quoted at par 1/8 bid, par 5/8 offered, another source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 500 bps with a 25 bps step-down at 3.7x total net leverage and a 1% Libor floor.

Ciox, formerly known as HealthPort, is an Alpharetta, Ga.-based provider of tech-enabled clinical data exchange services.

Everi flexes, breaks

Everi Holdings trimmed pricing on its $600 million seven-year senior secured first-lien term loan to Libor plus 250 bps from Libor plus 275 bps and tightened the original issue discount to 99.75 from 99.5, a market source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Everi’s $725 million of credit facilities (Ba2/BB/BB+) also include a $125 million five-year revolver.

Commitments were due at 11 a.m. ET on Wednesday and the term loan freed to trade in the afternoon, with levels quoted at 99 7/8 bid, par ¼ offered, a trader added.

Jefferies, Barclays, Stifel and Truist are leading the deal that will be used with $400 million of senior notes to refinance debt. The company intends to refinance its $35 million revolver due 2022 and $820 million term loan due 2024, prepay its $125 million incremental term loan due 2024, and redeem its $285.4 million of notes due 2025.

Everi is a Las Vegas-based provider of land-based and digital casino gaming content and products, financial technology and player loyalty solutions.

Visual Comfort reworked

Visual Comfort upsized its seven-year covenant-lite first-lien term loan to $875 million from $835 million and cut pricing to Libor plus 350 bps from talk in the range of Libor plus 375 bps to 400 bps, a market source remarked.

The company also downsized its eight-year covenant-lite second-lien term loan to $295 million from $335 million and lowered the spread to Libor plus 675 bps from talk in the range of Libor plus 700 bps to 725 bps, the source continued.

The first-lien term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien term loan still has a 0.5% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

Visual frees up

Recommitments for Visual Comfort’s bank debt were due at 2 p.m. ET on Wednesday and the loans began trading in the afternoon, with the first-lien term loan quoted at par 1/8 bid, par 3/8 offered and the second-lien term loan quoted at 101 bid, 102 offered, another source added.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets and Nomura are leading the deal, with Deutsche the left lead on the first-lien loan and Goldman Sachs the left lead on the second-lien loan.

Proceeds will be used to help fund a strategic investment in the company by Goldman Sachs Asset Management and Leonard Green & Partners LP alongside their existing investment partner, AEA Investors.

Closing is expected in the third quarter, subject to customary conditions, including regulatory approvals.

Visual Comfort is a Houston-based provider of decorative and functional lighting.

TK upsizes add-on

TK Elevator raised its add-on term loan due July 2027 to €300 million equivalent from €200 million equivalent, and disclosed the split as a €50 million equivalent add-on U.S. term loan and a €250 million add-on euro term loan, according to a market source.

The company also set the spread on the euro add-on term loan and the repricing of its €1.015 billion senior secured term loan B due July 2027 at Euribor plus 362.5 bps, the low end of revised talk of Euribor plus 362.5 bps to 375 bps and down from initial talk of Euribor plus 375 bps, the source said.

As before, the euro term loan debt has a 25 bps pricing step-down at 4.42x senior secured net leverage and a 25 bps step-down at 3.92x senior secured net leverage, a 0% floor, a par issue price and 101 soft call protection for six months.

TK U.S. loan terms

TK Elevator’s U.S. add-on term loan and repricing of its roughly $2.861 billion (about $2.853 billion post amortization) senior secured term loan B due July 2027 are priced at Libor plus 350 bps with a 25 bps step-down at 4.42x senior secured net leverage, a 0.5% Libor floor and a par issue price. This debt has 101 soft call protection for six months as well.

Previously in syndication, pricing on the U.S. term loan firmed at the low end of the Libor plus 350 bps to 375 bps talk, and the issue price on the U.S. and euro term loans finalized at the tight end of the of 99.75 to par talk.

Goldman Sachs is the physical bookrunner on the deal. Deutsche Bank is a bookrunner.

TK emerges in secondary

Late in the day on Wednesday, TK Elevator’s U.S. term loan debt broke for trading, with levels quoted at par 1/8 bid, par ½ offered, another source added.

The add-on term loan will be used to partially repay existing senior notes and, due to the upsizing, to repay revolver borrowings. The repricing will revise pricing on the existing U.S. and euro term loans from Libor/Euribor plus 425 bps with a 0% floor.

TK Elevator is an international provider of elevator technology.

Mad Engine tweaked

Mad Engine raised its six-year covenant-lite first-lien term loan to $275 million from $250 million and firmed the original issue discount at 97.5, the midpoint of the 97 to 98 talk, a market source remarked.

Furthermore, amortization on the term loan was changed to 2.5% per annum from 1% per annum, and revisions were made to MFN, asset-sale prepayment step-downs, excess cash flow sweep, incremental amount, dividends using available amount, dividend basket for transactions cost, investments made with available amount, the available amount starter basket and EBITDA addbacks.

Pricing on the term loan remained at Libor plus 700 bps with a 1% Libor floor, and the debt still has call protection of 102 in year one and 101 in year two.

Mad Engine starts trading

Recommitments for Mad Engine’s term loan were due at noon ET on Wednesday and the debt made its way into the secondary market in the afternoon, with levels quoted at 98 bid, par offered, another source added.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help finance the acquisition of Fifth Sun from company founder Dan Gonzales, and the funds from the upsizing will reduce the revolver draw.

Mad Engine, a Platinum Equity portfolio company, is a San Diego-based apparel and accessories company. Fifth Sun is a Chico, Calif.-based supplier of licensed, non-licensed and private label apparel.

Technimark revised, frees

Technimark finalized pricing on its $475 million seven-year first-lien term loan (B2/B-) at Libor plus 375 bps, the high end of the Libor plus 350 bps to 375 bps talk, and changed the original issue discount to 99.5 from 99, according to a market source.

As before, the first-lien term loan has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Wednesday and the first-lien term loan broke late in the day, with levels quoted at 99¾ bid, par ½ offered, another source added.

The company is also getting a $170 million privately placed second-lien term loan and a $30 million privately placed delayed-draw second-lien term loan.

Goldman Sachs Bank USA, Wells Fargo Securities LLC, Antares Capital and MUFG are leading the deal that will be used to help fund the acquisition of a controlling stake in the company by Oak Hill Capital, forming a partnership with current investors, Pritzker Private Capital and management. Antares is the administrative agent.

Closing is expected on July 9.

Technimark is an Asheboro, N.C.-based manufacturer of custom application medical, consumer packaged goods, and specialty industrial plastic components and value-added assemblies.

Aveanna finalized, trades

Aveanna Healthcare set pricing on its $860 million seven-year term loan B and $200 million delayed-draw term loan B at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, and adjusted the original issue discount to 99.5 from 99, a market source remarked. The discount on the delayed-draw term loan is payable at funding.

The term loan debt still has a 0.5% Libor floor and 101 soft call protection for six months, and the delayed-draw term loan still has a 24-month availability period and ticking fees of half the margin from days 46 to 90 and the full margin thereafter.

Recommitments were due at 2 p.m. ET on Wednesday and the strip of funded and delayed-draw term loan debt broke later in the day, with levels quoted at 99 5/8 bid, par 1/8 offered, another source added.

Barclays is the left lead on the $1.06 billion of senior secured term loans (B2/B-) that will be used to refinance the company’s existing capital structure.

Aveanna Healthcare is an Atlanta-based home health care company.

Joann updated, frees up

Joann increased its term loan B to $675 million from $635 million, set pricing at Libor plus 475 bps, the low end of the Libor plus 475 bps to 500 bps talk, and finalized the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, a market source said.

As before, the term loan has a 0.75% Libor floor and 101 soft call protection for six months.

Recommitments were due at 2:30 p.m. ET on Wednesday and the term loan started trading late in the day, with levels quoted at 99 5/8 bid, par offered, another source added.

BofA Securities Inc. is leading the deal that will be used to refinance an existing term loan and pay down ABL borrowings.

Joann is a Hudson, Ohio-based retailer of fabrics and crafts.

Victoria’s tweaked, breaks

Victoria’s Secret scaled back its term loan B (BB+) to $400 million from $500 million and finalized pricing at Libor plus 325 bps, the high end of the Libor plus 300 bps to 325 bps talk, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

During the session, the term loan B hit the secondary market, with levels quoted at 99¼ bid, par offered, another source added.

The company also plans on getting a $750 million asset-based revolver.

JPMorgan Chase Bank is leading the deal that will be used with $600 million of senior notes, upsized from $500 million, to fund the company’s spinoff from L Brands Inc.

Closing is expected in August, subject to customary conditions.

Victoria’s Secret is a Reynoldsburg, Ohio-based retailer of intimates and beauty products.

Padagis changes docs, trades

Padagis made some changes to documentation for its $850 million seven-year term loan B (B1/B), and left pricing at Libor plus 475 bps with a 25 bps step-down at 0.5x inside closing date net first-lien leverage, a 0.5% Libor floor and an original issue discount of 99, a market source said.

The term loan still has 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday and the term loan freed up in the afternoon, with levels quoted at 99 3/8 bid, 99 7/8 offered, another source added.

JPMorgan Chase Bank and Goldman Sachs Bank USA are leading the deal that will be used to help fund the acquisition of Perrigo Co. plc’s prescription pharmaceuticals business, which will be renamed Padagis, by Altaris Capital Partners LLC for total consideration of $1.55 billion.

Closing is expected by the end of the third quarter, subject to customary conditions.

Padagis is a prescription pharmaceutical company.

HDT hits secondary

HDT Global’s $280 million six-year term loan B (B1/B) broke for trading too, with levels quoted at 97¼ bid, 98¼ offered, a trader remarked.

Pricing on the term loan is Libor plus 575 bps with a 0.75% Libor floor and it was sold at an original issue discount of 97. The debt has 101 hard call protection for one year, and amortization of 5% in years one and two, 2.5% in years three and four, and 1% in years five and six.

During syndication, pricing on the term loan was increased from talk in the range of Libor plus 525 bps to 550 bps, the discount widened from 99 and the call protection was changed from a 101 soft call for six months.

RBC Capital Markets, Barclays and Societe Generale are leading the deal that will be used to help fund the buyout of the company by Nexus Capital Management LP from Charlesbank Capital Partners.

HDT is a Solon, Ohio-based manufacturer of highly engineered, mission‐capable infrastructure solutions across defense, aerospace and government markets.

Royal Oak tops par

Royal Oak Enterprises’ $390 million first-lien term loan B due Dec. 16, 2027 freed up as well, with levels quoted at par 1/8 bid, par ½ offered, according to a market source.

Pricing on the term loan is Libor plus 375 bps with a 0.5% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Barclays is leading the deal that will be used to reprice an existing term loan B down from Libor plus 400 bps with a 0.75% Libor floor.

Royal Oak is a Roswell, Ga.-based manufacturer and distributor of fire building products and other consumable products.

Shutterfly upsizes

In more happenings, Shutterfly raised its senior secured term loan (B2/B-) due Sept. 25, 2026 to $1.105 billion from $1.023 billion, a market source remarked.

Pricing on the term loan remained at Libor plus 500 bps with a 0.75% Libor floor and an original issue discount of 99.5, and the loan still has 101 soft call protection for one year.

Of the total term loan amount, $215 million is delayed-draw and includes a ticking fee of half the spread from days 46 to 75 and the full spread thereafter.

Commitments were due at 5 p.m. ET on Wednesday, the source added.

Barclays is the left lead on the deal that will be used to fund the acquisition of Spoonflower, a Durham, N.C.-based marketplace connecting makers and consumers with artists, for about $225 million and to refinance existing debt. The upsizing will repay a Spoonflower acquisition seller note and pay related fees and expenses.

Closing is expected in the third quarter, subject to regulatory approvals and customary conditions.

Apollo Global Management LLC is the sponsor.

Shutterfly is a Redwood City, Calif.-based manufacturer and seller of customizable photo-based products and services.

United Talent updated

United Talent Agency set the spread on its $300 million term loan B (B2/B+) at Libor plus 400 bps, the high end of the Libor plus 375 bps to 400 bps talk, and changed original issue discount talk to a range of 99 to 99.5 from just 99, according to a market source.

The 0.75% Libor floor and 101 soft call protection for six months on the term loan were unchanged.

Commitments are due at 10 a.m. ET on Thursday, the source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance existing debt, fund a distribution and add cash to the balance sheet.

United Talent is a Los Angeles-based talent and entertainment company.

Lucky Bucks guidance

Lucky Bucks held its lender call on Wednesday and announced talk on its $500 million first-lien term loan at Libor plus 525 bps to 550 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

The company’s $550 million of credit facilities (B2/B) also include a $50 million revolver.

Commitments are due on July 16, the source added.

Macquarie Capital (USA) Inc. and KeyBanc Capital Markets are leading the deal that will be used to refinance existing debt and fund a distribution.

Lucky Bucks is a Norcross, Ga.-based digital skill-based coin operated amusement machine route operator.

Yahoo on deck

Yahoo will hold a lender call at 2 p.m. ET on July 8 to launch $1.65 billion of credit facilities, according to a market source.

The facilities consist of a $150 million five-year revolver, a $750 million six-year term loan B with 5% per annum amortization, and a $750 million six-year high-yield style term loan B with no amortization and is non-callable for two years, the source said.

Also, the company is getting $500 million of privately placed HoldCo notes.

RBC Capital Markets, Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., Mizuho Securities USA LLC and Jefferies LLC are leading the deal that will be used to help fund the buyout of Verizon Media by Apollo Global Management Inc. from Verizon for $4.25 billion in cash and preferred interests of $750 million. Verizon will receive and retain a 10% stake in the company.

Verizon Media will be known as Yahoo at the close of the transaction.

Closing is expected in the second half of this year, subject to certain closing conditions.

Yahoo is a technology and media company, comprised of brands such as Yahoo and AOL.

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